This invention relates to a new hydroxy thyl bibenzoate compound and a method of producing the compound. More particularly, this invention relates to a hydroxy ethyl bibenzoate compound containing less than 2.5% diethylene glycol. More particularly, this invention relates to a new bis-.beta.-hydroxy ethyl bibenzoate containing less than 2.5% diethylene glycol, a method for making the compound and use of the compound in the production of polyesters.